Porsche's Wiedeking Joins VW Board; Piech to Leave
Porsche AG Chief Executive Officer Wendelin Wiedeking will join the supervisory board of Volkswagen AG, Europe's biggest carmaker, effective immediately, Porsche spokesman Anton Hunger said.
Ferdinand Piech, Volkswagen's current supervisory chairman, will step down when his term expires in 2007, Hunger said in a telephone interview today from Porsche's Stuttgart, Germany, headquarters.
Piech's position will be filled by someone who isn't affiliated with Porsche, Volkswagen's largest shareholder, or the German state of Lower Saxony, the Wolfsburg, Germany-based carmaker's second-biggest investor, Hunger said.
Auto Spies perspective: This guy did more to hurt VW than any other factor in the last 40 years. Good riddance!